Blockchain Adoption Grows Despite Wider Market Turbulence
6 November 2023
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Blockchain technology is experiencing strong growth throughout bull and bear markets, says Bloomberg analyst Jamie Coutts.
Coutts predicts that if the current adoption rate persists, blockchain could amass 100 million daily users by 2028.
This growth trend has remained steady regardless of market fluctuations.
In Q3 2023, daily active blockchain users exceeded five million, jumping 14% from 2022.
With a quarterly growth average of 29% since 2019, Coutts suggests a continued 20% growth could yield 100 million users by 2028.
The analyst compared blockchain growth rates to that of PayPal, which took 13 years to reach 100 million daily users.
He inferred that blockchain technology could follow a similar trajectory.
As adoption rates rise, blockchain-based companies could experience an increase in valuation.
Projections show the blockchain ecosystem could be valued between $5 trillion to $14 trillion with 100 million users, a significant rise from its current $350 billion worth.
These predictions align with data showing sustained interest in blockchain technology.
Despite a market downturn in 2022, as with many other asset markets due to global central bank interest rate rises, the crypto industry saw a rise in development by 5%.
A survey by Celent also revealed that 91% of institutional investors were interested in blockchain-based tokenized assets. Read more here.
India leads in crypto adoption.
Ferrari accepts crypto as payment for its cars in the USA. Europe next.
PayPal entering the crazy world of crypto.
Crypto boom in Sub-Saharan Africa used to offset high inflation.
More than half of Turkey has turned to crypto amid rapid 50% currency devaluation.
Relentless Progress: The Bright Outlook For Blockchain And Splitchain
"Change is the only certainty in life" —Heraclitus, Greek philosopher.
Amid the flux of technology, one fact holds steady, and that is the relentless progress of blockchain.
Analyst Jamie Coutts foresees a continual increase in blockchain acceptance, unaffected by market volatility.
As the count of everyday active blockchain users expands, increasing the overall market size, so does the potential of emerging blockchain alternatives, like Zucoin's Splitchain network.
With the ongoing acceptance of blockchain technology, blockchain-based enterprises are witnessing a surge in valuation.
Even with a market downfall in 2022, the crypto industry saw a boost in development.
This robustness indicates a strong potential for the overall cryptocurrency market.
The innovative technology and more eco-friendly efficiency of Splitchain, achieved without going down the "staking" path that major blockchains have decided on, is one of Splitchain's major differentiation factors.
Splitchain's unique path to solving deep-rooted issues aims to improve scalability without going down the route of more centralization.
Institutions are also expressing growing interest in blockchain-based assets, known as digital assets.
It uses the process of tokenization to represent other assets, physical or digital, on the public ledger system itself.
If done right, with true decentralization, users can self-serve and manage their own assets, without a centralized middleman controlling access.
This is a positive sign for next-generation crypto's like Zucoin's Splitchain network, as they've spent a lot of time considering this very capability.
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All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.